Bank of Baroda Recurring Deposit Interest Rate

Bank of Baroda Recurring Deposit interest rates are 6.25% to 7.65% p.a. for senior citizens and 5.75% to 7.15% p.a. for others. The bank offers recurring deposits for tenures ranging from 6 months to 10 years. Besides the regular RD scheme, Bank of Baroda offers Flexible RD Scheme.

Bank of Baroda RD Interest Rates

Bank of Baroda RD interest rates are the same as Bank of Baroda Fixed Deposit Interest Rates for senior citizens and others. Following are the RD interest rates offered by Bank of Baroda.

Bank of Baroda Recurring Deposit Rates of less than Rs 2 crore w.e.f. 14 October 2024

Tenure	Interest Rates (%) p.a.
	Regular Citizens	Senior Citizens	Super Senior Citizens
181 days to 210 days	5.75	6.25	6.25
211 days to 270 days	6.25	6.75	6.75
271 days & above and less than 1 year	6.50	7.00	7.00
1 year	6.85	7.35	7.35
Above 1 year to 400 days	7.00	7.50	7.60#
Above 400 days to 2 years	7.00	7.50	7.60#
Above 2 years to 3 years	7.15	7.65	7.75#
Above 3 years to 5 years	6.80	7.40*	7.50#
Above 5 years to 10 years	6.50	7.50**	7.50**

Notes:

1. Additional senior citizen rates (50 bps) is applicable to resident Indian senior citizens only
2. *Additional 0.60% over FD rates offered to regular citizens (0.50% + 0.10%)
3. **Additional 1% over FD rates offered to regular citizens (0.50% + 0.50%)
4. #Additional 0.10% over senior citizen FD rates (0.50%+0.10%)

Note: Interest rates as of 17 January 2025

Types of Bank of Baroda RD Schemes

Bank of Baroda offers two recurring deposit schemes as discussed below:

Baroda Recurring Deposit Scheme

Depositors can open Baroda Recurring Deposit Scheme online or in person by visiting their nearest branch of Bank of Baroda. This is a regular RD scheme in which the amount chosen at the beginning will continue to apply until the term ends. The bank also offers the option to convert this regular RD scheme into Baroda Yatha Shakti Jama Yojana (Bank of BAroda Flexi RD Scheme).

• Interest will be compounded quarterly and paid on maturity
• Minimum amount for rural and semi-urban: Rs 50 and thereafter in multiple of Rs 50
• Minimum amount for urban and metro: Rs 100 and thereafter in multiples of Rs 100
• Subsequent deposits for rural and semi-urban: In multiples of Rs 50
• Subsequent deposits for urban and metro: In multiples of Rs 100
• Minimum tenure: 6 months
• Maximum tenure: 10 years
• Eligibility:
  • An individual in his own name.
  • More than one individual in joint name.
  • Minors of age 10 years and above on terms laid down by the bank. Accounts can also be opened in the name of minors with their father/mother, as guardian.
  • Clubs, associations, educational institutions, partnerships and joint stock companies, provided they are registered and bank is satisfied that the account is opened for genuine savings purpose
• Nomination facility: Available
• Delayed payment penalty: Re 1 for every Rs 100 p.m. for any period of deposit
• Loan/Overdraft Against Security of Deposits: Up to 95% of outstanding balance
• Pre-closure facility: Depositors can close their RD prematurely. However in this case, the interest will be paid after deducting a penalty of 1% on the applicable rate of interest or the contracted rate, whichever is lower

Flexible Recurring Deposit Scheme

Flexible Recurring Deposit Scheme, also known as the Yatha Shakti Jama Yojna, is a Flexi RD scheme offered by Bank of Baroda wherein the depositors get the flexibility of increasing/decreasing their monthly instalment amount.

Interest rate

• The interest rate for Bank of Baroda Flexible Recurring Deposit Scheme will be paid and credited half yearly, that is, in September and March.
• Interest will be on daily basis (half yearly compounding)
• Senior citizens will get an additional interest of 0.50% on deposits below Rs 1 crore only.

Features

• Minimum amount: Rs 100 (thereafter in multiples of Rs 100 above core instalment)
• Maximum amount: Monthly deposit amount can be increased only up to three times of the core instalment for up to Rs 10,000
• Minimum tenure: 1 year
• Maximum tenure: 10 years
• Loan/overdraft facility: Up to 95% of outstanding balance (not available for minor account in single name and HUF)
• Pre-closure facility: Depositors can close their Flexible RD prematurely. However in this case, the interest will be paid after deducting a penalty of 1% on the applicable rate of interest or the contracted rate, whichever is lower
• Nomination facility: Available
• Delayed payment penalty: NIL
• Minor accounts can be opened for individuals above the age of 10 years, subject to maximum cap of Rs 1 lakh
• Depositors can transfer their RD account from one branch to another
• Tax deduction: Tax deduction at source as per Income Tax rules. No TDS will be deducted if a person submits form 15G/ 15H as applicable.
• Mode of payment: Maturity proceeds will be credited to the savings or current account of the customer. However, in cases of no operative accounts, maturity proceeds up to Rs 20,000 would be paid out in cash. For maturity proceeds above Rs 20,000, DD or pay order will be issued to the depositor.

Eligibility for BoB Flexible Recurring Deposit Scheme

• Individual or more than one individual in joint name
• Minor of age 10 or above
• Registered clubs, associations, educational institutions, partnerships and joint stock companies
• This scheme is not available for NRE deposits

Documents Required for Bank of Baroda Flexible Recurring Deposit Scheme

• PAN card is mandatory

Officially valid documents for individual accounts:

• Passport
• Driving licence with photograph
• Voter ID Card
• Job card issued by NREGA duly signed by an officer of the State Government
• Letter issued by the National Population Register containing details of Name and Address.

Deemed officially valid documents if above-mentioned documents do not contain current/updated address. (at least one documents from this list is required)

• Utility bill of any service provider (not more than 2 months old): electricity, telephone, postpaid mobile phone, piped gas, water bill
• Property/Municipal tax receipt
• Pension or family pension payment orders (PPOs) issued to retired employees by government departments or PSUs (if they contain address)
• Allotment letter of accommodation, leave and licence agreement from employer issued by state or central government departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions and listed companies

List of documents required for foreign students

• Copy of passport and visa
• ID card issued by college/institution
• Admission letter of the course mentioning duration of the course
• An allotment letter on the letterhead of the college/institution for allotment of hostel accommodation duly signed by the authorised signatory, mentioning detailed address and location of hostel, room no. etc. and date of allotment of hostel accommodation etc. or a valid address proof giving local address in form of rent agreement within 30 days of opening of the account.